Ethereum
Will ETH ETF be as good as Bitcoin ETF?
What Happened in the Crypto World Today: Will ETH ETF Be as Good as Bitcoin ETF?
Happy Ethereum ETF Day!
The day we’ve been waiting for has finally arrived. Ethereum ETFs are hitting the market and Crypto Twitter is buzzing more than ever.
While some predict a tsunami of institutional money flooding into Ether, others are keeping their champagne chilled.
Let’s dive right in and separate the signal from the noise.
Where is the cryptocurrency market going?
Where is the market going?
Ethereum ETFs are finally here! As of July 23, 2024, you can buy Ethereum shares through traditional exchanges. This is big news for Wall Street and everyday investors.
Nine different Ethereum ETFs are coming to market. Five of them are launching on the Chicago Board Options Exchange, with the rest expected to follow on Nasdaq and NYSE Arca.
So what’s the problem ?
Well, let’s look at what happened when Bitcoin ETFs launched in January 2024. The market got pretty crazy at first, then calmed down and eventually started to climb.
But here’s the thing: Ethereum is not Bitcoin. It has its own uniqueness, like powering DeFi and NFTs. So the market might react differently this time around.
Experts are divided on their predictions. Some say Ethereum could hit $5,000 by the end of the year, while others are not so sure.
But these ETFs aren’t just about price. They could make Ethereum appear more legitimate to old-school financiers, and perhaps even make it easier to buy and sell.
So what should you do?
It’s worth keeping an eye on the amount of money flowing into these ETFs. Estimates range from $3 billion to $45 billion in the first year. If a lot of money flows in, it could drive up the price of Ethereum (NFA).
Another interesting aspect is how these ETFs will compete. Since they are all quite similar, they might try to fight on fees, which could be good news for investors.
This Ethereum ETF thing could also spark more interest in other cryptocurrencies. It’s like when one cryptocurrency succeeds, others often follow.
Remember that cryptocurrencies can be quite unpredictable. Even if it has happened before, there is no guarantee that it will happen again. So always do your homework before investing.
If you want to stay up to date with all this, here’s a tip: download the CoinMarketCap mobile app. You can create a watchlist Ethereum projects and its ecosystem, and set up alerts for major price movements.
This way you will have real-time information directly on your phone. This is very useful to follow what is happening without having to constantly check prices.
The story continues
And with that in mind, let’s forget about the crypto chaos and look at the top news stories of the day. Here’s your recap:
-
Grayscale Moves $1 Billion in ETH to Coinbase Prime. Is it a sign of impending misfortune or simply a household routine? 🤔
-
Wintermute predicts a decline in demand for ETH ETFs. But What is the cause of this pessimism? 🧐
-
BlackRock’s Bitcoin ETF sees its biggest inflow since March. What motivates this sudden surge of interest? 💰
-
The rise of crypto gaming on Telegram brings the number of users to 950 million. But What is reborn The era of “play to win”? 🎮
-
Memecoin Trader Loses $8 Million on BODEN Token So this whale I had no idea? Or did Biden’s whole exit from the stage catch him off guard? 😱
Let’s dive in!
Grayscale Launches $1 Billion Ethereum Funding
Grayscale just moved $1.01 billion worth of Ethereum to Coinbase Prime.
This large transaction has caused a stir in the cryptocurrency world, with some speculating that there will be a potential massive sale, perhaps to get into Solana.
Jon Campagna, a major player in the crypto hedge fund world, puts the brakes on these rumors, saying that Grayscale is unlikely to dump its Ethereum stash.
So what’s really going on?
It turns out that Grayscale has transferred 10% of its Ethereum Trust (ETHE) into a new Ethereum ETF. This new fund is set to launch on Wednesday.
To achieve this, they transferred $1 billion – or 10% of their $10 billion in ETHE assets – to Coinbase Prime.
So there is an outflow of ETHE inflow? What does that mean exactly? Read the full story!
Wintermute believes demand for ETH ETF will decline
While many analysts are predicting big things for Ethereum ETFs, Wintermute is taking a more cautious stance. They expect flows of $3.2 billion to $4 billion, well below the $4.8 billion to $6.4 billion range that others are expecting.
Wintermute believes Ethereum ETFs will only capture 15-20% of what Bitcoin ETFs have seen.
They predict an ETH price increase of 18-24%. That’s not bad, but it’s not a dizzying increase either.
So what is the cause of this slight pessimism? Read the full story!
BlackRock’s Bitcoin ETF sees largest inflow since March
The iShares Bitcoin Trust (IBIT) raised 7,759 bitcoins on July 22. That’s worth over $523 million at current prices.
This brings IBIT’s total holdings to 333,000 BTC, worth $22 billion.
This is the seventh-largest single-day cash flow for IBIT in dollar terms. The record? It was on March 18, when the company raked in $849 million in a single day.
But what is behind this surge in investment? Read the full story!
The boom of crypto games on Telegram
Telegram has hit the jackpot with crypto gaming. According to CEO Pavel Durov, the app now has 950 million monthly active users. That’s an increase of 50 million since spring!
So what is driving this increase?
Two words: crypto games.
Remember Notcoin? That simple game where everyone tapped to win virtual coins? Well, it sparked a gaming fever on Telegram that shows no signs of slowing down.
And let’s not forget TON – The Open Network. It’s back with a vengeance, fueling this gaming craze.
So what exactly is reviving the era of “play to win”? Read the full story!
Memecoin Trader’s $8 Million Mistake BODEN
An anonymous trader just took an $8 million dip in the Biden-inspired Jeo Boden (BODEN) token.
This whale sold a mountain of Jupiter (JUP) tokens to go all-in on BODEN at its peak.
As crypto trader Toby put it, they “traded $8 million of JUP for BODEN at the peak of the pico.”
The result? A hair-raising 98% weight loss.
So this whale had no idea? Or did Biden’s exit catch him off guard? Read the full story!
And that’s it, it’s done. See you tomorrow for more updates!
Before you go, take a second to sign up for our newsletter below, and we’ll deliver the hottest crypto stories straight to your inbox!